If your business is experiencing growing pains or you are simply ready to move away from Excel spreadsheets to a more comprehensive financial management solution, then you are likely looking at accounting solutions such as QuickBooks and Oracle NetSuite. While both solutions help businesses looking for stronger accounting support, it is important to realize that these two enterprise systems are, in fact, very different.
To determine the best solution for your business, it is important to first consider your company’s specific needs, projected growth, and short-and long-term plans, then compare these against each platform’s offerings.
In this guide, we will put Oracle NetSuite vs. QuickBooks. By demonstrating what each platform brings to the table, you can make a stronger decision as to which solution may be right for your company.
Who should use Oracle NetSuite vs. QuickBooks?
QuickBooks is a great small business bookkeeping software choice for companies just getting established. It is fairly easy to use, making it a go-to solution for most startups or smaller companies looking for a quick fix.
The software allows for the creation and management of custom invoices, check printing, and automated online banking. Data can be accessed from mobile devices and automatically syncs to a dashboard for real-time viewing of reports and accounts. QuickBooks allows exporting of data to Excel, QuickBooks Online Payroll, and Intuit GoPayment software.
Oracle NetSuite is a full business management software suite that is suitable for small companies looking for a comprehensive solution to support business processes as well as established companies ready to expand. Many companies make the move to NetSuite once they feel they’ve outgrown QuickBooks’ limitations, but the customizable modularity of this integrated software solution makes it an excellent choice for even smaller companies.
Oracle NetSuite is the #1 business management system on the market for a reason. As an all-in-one suite of cloud-based applications—including financials and accounting, CRM, e-commerce, HCM, and professional services automation management— NetSuite is best suited to provide an provides an integrated solution that boosts efficiency for businesses of all sizes.
Features of NetSuite include:
- Management of cash flow and revenue.
- Complete automation of quote-to-order fulfillment.
- Automatic integration with eCommerce and customer relationship management (CRM) software.
- Integrated budgeting, forecasting, and planning functions.
- Real-time consolidation of multi-subsidiary financial data.
Oracle NetSuite vs. QuickBooks
In addition to key differences in solution offerings, QuickBooks and Oracle NetSuite also differ in pricing, reporting, global business support, and data entry capabilities. Below you’ll find how the two software platforms compare in each of these areas.
QuickBooks boasts a fairly low price that makes it attractive to small and startup businesses. However, this metric may be misleading. It’s important to account for all of the additional services you may be paying for that could be included in the cost of NetSuite versus QuickBooks. This might include solutions to manage customer relationships, e-commerce, PSA, and any other systems or controls your business needs.
Because NetSuite features pay-as-you-go pricing, it can be adapted to fit companies with as few as 10 employees as well as companies with more than 1,000 employees. It is web-based, so your business won’t need to purchase all of the infrastructures that other accounting solutions typically require.
For bookkeeping software, QuickBooks may handle accounting well but it misses the mark on financing. Basically, it can’t handle more advanced, strategic financing and forecasting. If you need to run a report or trace an audit it simply cannot do these things efficiently. The software lacks the ability to generate real-time reports which are essential for quick decision making, especially in rapid growth phases. Financial forecasting is also another aspect that QuickBooks fails to assist CFO’s and controllers with. The solution that these roles are calling for is cloud-based ERP so that they can access KPIs from anywhere and anytime, run reports and make important decisions.
NetSuite’s real-time reporting provides timely analysis and drives informed decision-making based on current, up-to-the-moment data. Reporting is endless and custom reports can be made by the user right within NetSuite. Access to all of your business information and custom reports can be accessed anytime, from any device.
While QuickBooks has a variety of built-in reports, advanced reporting must be added to customize reports and unlock other critical business insights.
Global Business Support
Businesses with multiple locations require multiple systems to keep track of important data. When the data is separated in different locations it is harder to find the key performance indicators in order to make decisions. Lack of communication between locations can create problems with inventory levels and other important resources. When data is stored in one universal place, it is easily accessible from multiple locations without having to be reconciled.
NetSuite offers what is termed “global fluency” in regulatory, monetary, and linguistic areas. If you decide to do business with other countries, it is all managed in the same system.
QuickBooks bookkeeping software does not support multi-currencies.
NetSuite eliminates time-wasting double data entry. NetSuite has set the standard for accurate, synchronized data streams throughout your entire business—including inventory management, accounting, fulfillment and shipping, project management, and workflows.
QuickBooks provides business finance and accounting tools only. Its core offering is its bookkeeping software. Any other solutions will need to be integrated.
Training and Staff Support
Both QuickBooks and Netsuite provide setup services and training as well as some assistance in identifying business solutions. However, only NetSuite Solution Providers put a team of certified experts at your disposal to guide companies and their employees through NetSuite support, solutions, and strategies for success. Companies looking for staff support or training, or simply to add modules as they expand, have ready solutions at their disposal.
What is the Best Alternative to QuickBooks?
In a recent conversation on Quora called, “What are the best alternatives to Quickbooks Online?” various accounting software users chimed in with their opinions. Obviously, the best alternatives depend on how large your business is and what your requirements are. While the responses contained a great deal of information and advice, they failed to address the best alternatives for QuickBooks in regards to companies that are growing rapidly.
Countless companies use QuickBooks when they are just starting out. They continue to grow, but their software can’t grow with them. Ultimately, their ability to operate and compete becomes difficult. This is when they need to start searching for the best alternative to QuickBooks.